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AS Microeconomics 2 Price Determination in a Competitive Market

as-microeconomics-2-price-determination-in-a-competitive-market

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What factors influence spending decisions of consumers? Word start order: p, i, w, p, s, p, c, p

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price

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of

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goods and

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goods, individual

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What does a demand curve show?

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The

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between

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and

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demanded

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Explanation

More is demanded at lower prices.

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Effective demand
Market demand
Individual demand

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Total quantity demanded by consumers at a given price and time. The aggregate of all demand.
Demand of one person or firm. The quantity you'd buy at one price point at one time
The will and ability to buy a good at any given price

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Joint demand
Competitive demand
Composite demand
Derived demand

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Complementary goods
Substitute goods
Products with multiple uses
Something which facilitates another demand (a factor ofproduction)

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What causes a movement along the demand curve?

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What determinants cause a shift in the demand curve?

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Which factors cause the supply curve to shift?

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Higher prices mean higher

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providing the

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to expand

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.

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Explanation

Market forces use the price mechanism. With a surplus, price drops until equilibrium is reached and with a shortage, price rises until equilibrium is reached.

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Surplus
Shortage
With a surplus, market price is
With a shortage, market price is

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lower than the equilibrium price
Firms are willing to supply a greater quantity than consumers are willing and/or able to pay for
Consumers are willing to buy a greater quantity than suppliers are willing and/or able to produce
higher than the equilibrium price

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Surplus
Shortage

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Excess supply
Excess demand

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Joint supply
Competitive supply
Composite supply
Derived supply

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A firm produces more than one product together
A product serves more than one market
Doesn't exist
A firm uses factor of production for alternative products

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<1
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Infinite

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Perfectly elastic
Perfectly inelastic
Inelastic
Elastic
Unitary

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How is PED calculated?

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% change in

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divided by % change in

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What influences PED?

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Availability of

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, percentage of household

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spent on the good, degree of

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, and

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period

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(more elastic with

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Firms like demand to be price

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as they can then

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it more. Governments like demand to be price

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as it means a

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which lowers price will be more effective. A decrease in price would cause a

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than proportional increase in

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